VNET Announces Closing of Previously Announced Strategic Investment

A PJ Millennium–backed group now owns roughly 38.1% of VNET, activating new investor rights and voting arrangements.

Rhea-AI Summary

VNET (VNET) closed a previously announced share purchase transaction under which PJ Millennium I Limited and PJ Millennium II Limited acquired 650,424,192 Class A ordinary shares from Success Flow International Investment Limited and Choice Faith Group Holdings Limited.

After the transaction, the Buyers collectively hold about 38.1% of VNET’s total issued and outstanding ordinary shares, based on 1,708,970,760 ordinary shares outstanding as of June 30, 2026. In connection with closing, an investor rights agreement between VNET and the Buyers and a voting and consortium agreement among the Buyers, founder and Executive Chairperson Josh Sheng Chen, and certain affiliated investment vehicles became effective.

Positive

• 650,424,192 Class A shares acquired by PJ Millennium I and II
• Buyers now hold approximately 38.1% of VNET ordinary shares

Negative

• None.

Key Figures

Shares acquired: 650,424,192 Class A ordinary shares Buyer ownership: Approximately 38.1% Ordinary shares outstanding: 1,708,970,760 ordinary shares

Shares acquired

650,424,192 Class A ordinary shares

Strategic investment closing

Buyer ownership

Approximately 38.1%

Following transaction closing

Ordinary shares outstanding

1,708,970,760 ordinary shares

As of June 30, 2026

Historical Context

1 past event · Latest: May 13

1 event

1. May 13

   Strategic investment

   24h Move

   +25.1%

   Announced buyers’ agreement to acquire 650,424,192 shares for US$1.4486 per share

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

class a ordinary shares, investor rights agreement, voting and consortium agreement

3 terms

class a ordinary shares financial

"purchase of an aggregate of 650,424,192 Class A ordinary shares"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

investor rights agreement financial

"the investor rights agreement between the Company and the Buyers"

A legally binding contract between a company and its investors that spells out investors’ core protections and privileges—such as voting rights, how and when shares can be sold, information access, and steps for resolving disputes. Think of it like a rulebook or homeowner association agreement for ownership: it clarifies who gets a say, how value can be realized, and what protections exist if things go wrong, making investment risks and expectations clearer for shareholders.

voting and consortium agreement financial

"the voting and consortium agreement among the Buyers"

A voting and consortium agreement is a contract among shareholders or investors who hold significant stakes that sets out how they will vote on corporate decisions and coordinate their actions, such as board appointments, major transactions, or exit plans. It matters to investors because it determines who effectively controls company decisions and how blocks of shares will act together—like neighbors agreeing in advance to vote the same way at a homeowners’ meeting so their combined influence is predictable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, Sept. 21, 2026 /PRNewswire/ -- VNET Group, Inc. (Nasdaq: VNET) ("VNET" or the "Company"), a leading carrier- and cloud-neutral internet data center services provider in China, today announced the closing of the previously announced purchase by PJ Millennium I Limited ("Buyer I") and PJ Millennium II Limited ("Buyer II," and together with Buyer I, the "Buyers") of an aggregate of 650,424,192 Class A ordinary shares of the Company (the "Transaction") from Success Flow International Investment Limited ("Success Flow") and Choice Faith Group Holdings Limited ("Choice Faith," and together with Success Flow, the "Sellers").

Both Buyers are wholly owned subsidiaries of PJ Millennium Limited Partnership ("PJ Millennium Partnership"), the general partner of which is Lochpine BG I GP Limited, a wholly owned subsidiary of Lochpine Capital Limited. Lochpine Capital Limited is a non-controlled, non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK).

Following the closing of the Transaction, the Buyers collectively hold approximately 38.1% of the Company's total issued and outstanding ordinary shares, based on 1,708,970,760 ordinary shares outstanding as of June 30, 2026. In connection with the closing of the Transaction, the investor rights agreement between the Company and the Buyers, as well as the voting and consortium agreement among the Buyers, Mr. Josh Sheng Chen, VNET's Founder and Executive Chairperson, and certain of his affiliated investment vehicles, became effective.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers' internet infrastructure. Customers may locate their servers and equipment in VNET's data centers and connect to China's internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies and government entities to blue-chip enterprises and small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "target," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as VNET's strategic and operational plans contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET's goals and strategies; VNET's liquidity conditions; VNET's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET's services; VNET's expectations regarding keeping and strengthening its relationships with customers; VNET's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET's reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

VNET IR Team
Tel: +86 10 8456 2121
Email: ir@vnet.com

View original content:https://www.prnewswire.com/news-releases/vnet-announces-closing-of-previously-announced-strategic-investment-302884504.html

SOURCE VNET Group, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who are the new major investors that acquired VNET shares?

Both PJ Millennium I Limited and PJ Millennium II Limited are wholly owned subsidiaries of PJ Millennium Limited Partnership. The general partner of PJ Millennium Limited Partnership is Lochpine BG I GP Limited, which is a wholly owned subsidiary of Lochpine Capital Limited. Lochpine Capital Limited is described as a non-controlled, non-consolidated affiliate of Contemporary Amperex Technology Co., Limited (stock codes: 300750.SZ and 03750.HK).

Which agreements became effective when the transaction closed?

At closing, two sets of agreements became effective: (1) an investor rights agreement between VNET and the Buyers, and (2) a voting and consortium agreement among the Buyers, VNET’s Founder and Executive Chairperson Josh Sheng Chen, and certain of his affiliated investment vehicles.